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Mastek: As dull as ditchwater!

Jul 15, 2004

Mastek announced its FY04 results yesterday. While the company has reported a good performance for the fourth quarter, its full year performance continues to speak an appalling story. While the management of the company has indicated improved times in FY05, we are apprehensive considering the company’s performance over the past years.

Mastek: Missing focus

Aug 6, 2003

Mastek has posted a topline growth of 30% YoY and a net profit growth of 21% YoY for FY03. However, for 4QFY03, the company’s performance has been dismal. For this period, while revenues have declined by 9% QoQ, bottomline has fallen at a faster rate.

NIIT: Uncertainty looms large

Jul 30, 2003

NIIT, India’s largest IT training and education company has reported poor YoY performance for 3QFY04 (ending June, 2003). While the topline growth has been a dull 4%, bottomline has taken a big hit of 79% YoY. For 9MFY04, also, the performance has been dismal. While the topline has grown a meagre 2%, bottomline has shown a substantial growth of 58%, mainly contributed by substantial tax benefits. But for the tax benefits the bottomline growth would have been marginal.

Mastek: Lackluster numbers

Apr 9, 2003

Mastek has posted a lack luster performance for 3QFY03. The company’s net profits have grown 2% sequentially. However, on the back of a lower interest costs and higher taxes the company has posted a marginally 1% decline in operating profits.

Mphasis: Strong performance

Apr 9, 2003

At the first glance it appears that Mphasis has posted a staid performance for the quarter ended March 2003 (4QFY03). The company’s topline has grown by 4% (QoQ), while bottomline has increased by 3%. While the numbers do no look impressive at the first glance, the company’s performance could have been affected by the geo-political developments in the past few months.

Mastek: YoY effect

Jan 14, 2003

While Mastek's numbers for 2QFY03 are rather unappealing, they have been received well by the markets due to the YoY effect. On a sequential basis, the company's revenues have grown by 5% while the bottomline is up 7%. The sequential growth in net profits for 2QFY03 has been aided by steep rise in other income.

Digital: Disappoints

Oct 29, 2002

Digital’s 2QFY03 numbers are significantly below expectations. The company has posted a 1% sequential decline in revenues. But the real disappointment is the net profit figure that has fallen 23% (QoQ). On a YoY basis, the topline is up 18%, while the net profits have fallen by 4%.

Mastek: Other income takes toll

Oct 10, 2002

Mastek has posted a strong topline growth for 1QFY03. The company’s revenues have grown sequentially by 11%. However, a steep fall in other income has taken a toll on the net profit figure. Consequently, the company’s net profits fell by 10% when compared on a sequential basis.

Infosys: Making the right moves

Sep 7, 2002

As IT services organisations in India face a point of inflection from where life is going to be a lot tougher. Some like Infosys are already talking about making life difficult for global IT services majors. Though, it will take quite some time before Infosys’ presence become anything comparable to the IT services majors like IBM (US$ 8 bn in revenues from services). But Infosys is certainly dreaming big.

Software: Moving up the value chain…

Sep 7, 2002

The Indian software success story began with the demand for existing software to be made Y2K compatible. The job on hand was to modify codes for existing software. Though it was not very intellectually demanding task, nevertheless Indian companies took up the race against time and did a very good job. Not only was the job well done, it was done at a very low price. Consequently, clients began to explore these companies for more and more work. Thus, began the Indian software sector’s dream run.

Software: Europe beckons

Sep 6, 2002

For a long time the domestic software industry has derived over 65% of its export revenues from the US markets. The optimism generated by the GDP growth seen in 1Q has died down and post the new set of economic numbers that have come out, there are now fears about the possibility of a double dip recession. With sales slowing down due to the uncertain economic environment, domestic software companies have been forced to increase their selling efforts in other markets like Europe, Japan and the La

Mastek: Tread carefully

Jul 12, 2002

Mastek’s numbers at a first glance look very impressive. For 4QFY02, the company has posted a steep 15% sequential (QoQ) growth in revenues. The growth in net profits is significant at 61%. Delving deeper into the number we find a substantial part of the steep rise in net profit growth is on back of jump in other income and a drop in the depreciation figure. However, a part of the growth in net profits also stemmed from a rise in operating margins.

Mphasis BFL: Mixed performance

Jul 9, 2002

Mphasis BFL has reported of a 7% growth in consolidated revenues and a 4% growth in net profits for 1QFY03, on a sequential (QoQ) basis. Compared to corresponding quarter (1QFY02), the topline and bottomline have grown by 23% and 188% respectively. While the numbers on the first glance look impressive, delving deeper we see signs of strain.

Polaris: Summer wedding

May 23, 2002

The long wait seems to be over. Polaris’ move to merge with OrbiTech Solutions is perhaps the first sizable merger in the IT space post the technology meltdown. The reason for the merger is very simple, the combined entity will have sales of around Rs 6 bn (US$ 125 m). This makes it the sixth largest software company in the country.

Polaris: Feeble growth

May 6, 2002

Polaris’ performance for the fiscal FY02 has been disappointing. For the full year, the company’s topline grew by a marginal 3%. Declining operating margins, increased depreciation costs and higher taxes caused bottomline to decline marginally during the year.

Mastek: Cutting costs brings cheer

Apr 11, 2002

Mastek, one of the top gainers from the BSE A group (from April 2001 to March 2002), continued with its turnaround. The company, Mastek Limited (standalone), reported a steep 11% sequential (QoQ) growth in revenues for 3QFY02. The net profits have, however, declined by 20% QoQ. This is due to significant erosion in operating margins. The figure has declined by almost 7% compared to the operating margins in 2QFY02.

Mphasis BFL: Improving bottomline

Apr 9, 2002

Mphasis BFL’s (standalone) 4QFY02 and FY02 numbers highlight the benefits of the aggressive cost cutting measures undertaken by the management. While the topline for the company has not shown impressive growth, the rise in net profit figure is significant.

Polaris: Flat topline

Jan 24, 2002

Polaris Software’s performance for 3QFY02 is quite unimpressive. The company has posted a QoQ topline growth of 0.3%, while the net profits have dipped by 1%. On a YoY basis, the company’s revenues have declined by 3%. The fall in net profits has been steeper (9%) due to increase in depreciation and taxes.

VisualSoft: Beginning of a recovery?

Jan 23, 2002

VisualSoft has managed to post a sequential growth of 4% in revenues and a commendable 18% growth in net profits for 3QFY02. Trouble for the company began in 4QFY01, when it gave a profit warning. It fell short of earnings guidance given previously due to a steep decline in its product sales. For the next two quarters things went from bad to worse and the company continued to post steep sequential fall in topline and bottomline.

Mastek: Steady as she goes

Jan 14, 2002

Mastek has posted another steady performance for the quarter ending December 2001, 2QFY02 for the company. Though, the numbers for the Indian entity (Mastek Ltd.) indicate a sharp rise in income, the numbers are much sober for the Mastek group. However, consistently, post 3QFY01 the company’s financials continue to be much healthier indicating that Mastek is turning around, though slowly.


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